European fintech Rivero has announced it has raised $7m in a Series A round that will complement its growing expansion and payment product plans.
The funding round was led by 6 Degrees Capital and Inference Partners, as well as PostFinance, Kraken Ventures, Seed X Liechtenstein and Robert Kraal, the former COO of Adyen.
Thomas Müller, Co-Founder and CEO of Rivero, said: “We’re thrilled to share the news of our Series A round. Especially given the current challenging market conditions. We take this as confirmation of our strong business model and clear market demand for our products.”
Fatemeh Nikayin, Rivero Co-Founder, added: “This funding represents more than financial support; it’s a partnership with investors who understand and resonate with our vision and global ambitions.”
The Switzerland-headquartered fintech aims to simplify payment operations through digitisation and filling the gap in the market for fraud recovery, dispute management and payment scheme compliance solutions.
Leveraging the benefits of Software-as-a-Service (SaaS), Rivero primarily caters its services to banks and other financial institutions through two unique offerings.
Both Rivero’s Kajo and Amiko products tap into SaaS to streamline the payment process, with Kajo being a payment compliance scheme able to minimise the risks involved when it comes to this process.
Amiko digitises the fraud recovery and dispute process, helping banks to manage the process more efficiently while offering a self-service that can promote better consumer protection of card payments.
Thibault D’hondt, Partner at 6 Degrees Capital, stated: “Globally, banks spend billions of dollars on scheme compliance and payment dispute management. Rivero is the first of its kind to offer a suite of SaaS solutions to help banks and processors address the challenge.
“We have been truly impressed with the exceptional vision of the management and believe this investment will allow Rivero to become a global market leader for payment operations.”
